-tendency to stick to an ineffective course of action when it is unlikely that the bad situation can be reversed. (investing more $ into old car)

-reduce bias by: set min. targets for performance+have dec. makers compare performance against targets. AND regularly rotate managers in key positions throughout a project. AND encourage makers to be less ego-involved. AND make makers aware of costs of persistence

Evidence Based Decision Making (EBDM)

-Represents a process of conscientiously using the best available data and evidence when making managerial decisions.

-Use of relevant+reliable data from diff. sources clearly intended to make any decision making context more explicit,critical,systematic,and fact based